Usufruit

Usufruit is a legal concept originating from Roman law that grants a person, known as the usufructuary, the right to use and enjoy the property of another person, the owner, while preserving the substance of the property. This means the usufructuary can derive benefits from the property, such as collecting rent from a building or harvesting crops from land, but cannot destroy or fundamentally alter it. The usufruct is typically established for a specified period, often for the lifetime of the usufructuary, and terminates upon the expiration of this term or the death of the usufructuary, at which point full ownership rights revert to the original owner. Common examples include a surviving spouse being granted usufruit over the family home after the death of their partner, allowing them to live there while the children inherit the bare ownership. The usufructuary has obligations, including maintaining the property in good condition and covering ordinary repairs and taxes. Conversely, the owner, referred to as the bare owner, retains the right of disposal of the property but cannot interfere with the usufructuary's rights during the usufruit's existence. This legal arrangement allows for the continued use and benefit of assets while ensuring their eventual return to the owner or their heirs.